What happened with the Pursuit Marine Drive project?

[daiquiri]

Few years ago there was some rumor in the press about this new revolutionary jet drive unit:
http://www.newscientist.com/article/dn3321-steam-fires-underwater-jet-engine.html
The latest news are dated 2003 and were very promising. After that, the flux of info about it on the web has stopped.
The Pursuit Dynamics Group (http://www.pursuitdynamics.com), which was the developper of the engine, seems to be dealing now with renewable energy, mist spray systems, bioreactors and similar stuff. It doesn't even mention the jet drive in it's web page.
Even the Carnegie Corporation (http://www.carnegiecorp.com.au), which, as I understood it, was the initial inventor and developper of the engine, deals with renewable energy systems now.

So does anybody know what happened to that project?
Did these guys simply concluded that the big money is in renewable energy business now, was it just a hoax or a failure?
Or should I start with a conspiracy theory paranoia? You know - CIA, DoD, Aliens and other similar organizations...

[CDK]

I think it was just a hoax or a scheme to divert some UK taxpayer's money. The very few pictures shown at the time were all drawings or computer simulations, never an actual unit or a test boat.
The last thing I read several years ago was that they were negotiating with a nameless marine industry that should develop and market the product.
Pursuit found a new application in fire fighting equipment that uses steam to accelerate a water jet. Such a construction is nothing spectacular: divers use it with water to suck up mud and in laboratories a venturi with an air nozzle within a glass tube is used to pump aggressive liquids. Efficiency is minimal, but the principle is mainly used because there are no moving parts.

I pity the stockholders of Pursuit Dynamics.